Year End Review – 2015

Market Focus

2015 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

Over the course of 2015, I have tracked many different sale and market statistics which all help paint a picture of the real estate market in Jackson Hole over the past year. Below are some of the take-aways from the Jackson Hole real estate market in 2015, how they compare to 2014, and a look forward to 2016:

*Note: When a sales price is not disclosed in the MLS, an estimate is used based on the current listing price and the average monthly sale to list ratio.

Sales Transactions and Sales Volume:While the number of transactions didn’t increase much, Sales Volume in 2015 jumped up 30% from 2014!! Monthly sales volume in Teton County in 2015 matched or outpaced monthly volume in 2014 in all but one month (July 2015). Not only were the “big” months of Aug & Sept bigger in 2015, much of the rest of year, especially the Spring of 2015 saw roughly double the sales volume of 2014. These levels are impressive given that there were only 19 more sales in 2015 (v. 2014).

As mentioned in the Quick Stats above, the Average Sales Price in Teton County for 2015, including unreported sales in MLS, was just under $1.6 million. With the exception of July 2015, the monthly average sales price never dipped below $1 million last year. During the peak selling months in the summer/fall 2015, the monthly average sales price hovered around $2 million. The obvious trend? Prices went up in 2015. Compared to 2014, which had an average sales price of $1.27 million, prices in 2015, on average, went up 27%!

In analyzing the Breakdown of Sales by Price Point in 2015, and comparing it to 2014, a few trends become clear. Similar to 2014, the majority (36%) of residential sales in Teton County in 2015 were in the $500,000 – $1,000,000 range. These sales included fixer upper single family homes in the Town of Jackson, 3 bedroom townhomes in Town and south of Town, homes in Rafter J and condos in Teton Village. The $1-3 million segment was also strong, accounting for nearly 1/3 of all sales in Teton County in 2015. Compare that to 2014, when this segment made up only 23% of all sales. Only 4% of all sales in 2015 were under $300,000 and only 1 in 5 sales occurred under $500,000. This is the biggest change from 2014, when nearly 40% of all sales occurred under the half million mark, illustrating a trend of higher prices and a shrinking “entry-level” market. Finally, the percentage of high-end sales ($3 million and up) more than doubled from 2014 to 2015, as many wealthy second homeowners invested in the Jackson Hole market.

The breakdown for land sales in 2015 shows a slightly different distribution, with 50% of all lot sales happening above $1 million – compare that to 2014, when only 29% of sales occurred in this segment. In particular, there were 14 land sales over $3 million in 2015, including parcels in Ely Springs, Shooting Star and Bar B C Ranch. Conversely, only 5% of lot sales in 2015 were under $300,000, compared to nearly 20% of all sales in 2014, illustrating a shrinking entry-level market for vacant land as well. The 4 sales that occurred under $300,000 were located south of Town in the Hoback and Sqauw Creek neighborhoods.

Summary and What’s Next? There is no question, 2015 was a big year! Sales Volume increased 30% with only a 4% increase in transactions. As expected we saw prices rise with the average sales price increasing roughly $360,000 from 2014 to 2015. Nearly 1/2 of all properties sales occurred over $1 million, with significant growth especially in the higher end of the market. Consequently, the entry level segment of the market shrunk as fewer residential properties and vacant land sold under $500,000 in 2015. It’s hard to imagine this explosive growth can continue. In November and December 2015, we began to witness a slow down in sales and volume (see Jan 2016 Market Report). While some of that can be attributed to the slower time of year, many real estate professionals sense a plateauing of real estate activity in 2016. Even though Jackson Hole is somewhat insulated from global and/or national trends, the recent activity in China, the Middle East and the stock market should have some effect on sales and values in our market.

Stay tuned to The Colbert Real Estate Report for market statistics and trends in Jackson Hole Real Estate as we enter 2016.

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About Katie Colbert Brady

Katie has extensive experience in both residential and commercial real estate in Jackson Hole, Wyoming, and specializes in working with a range of buyers and sellers including first time home buyers, vacation home sellers and investors alike.